Black Box Ltd
NSE:BBOX

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Black Box Ltd
NSE:BBOX
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Price: 521.9 INR -1.25% Market Closed
Market Cap: 88.8B INR

Black Box Ltd
Investor Relations

Black Box Ltd., a formidable player in the aviation services industry, built its reputation on providing advanced data and communication solutions for airlines and aircraft operators. The company thrives at the intersection of cutting-edge technology and aviation operations, delivering intricate systems that ensure seamless data transmission and robust communication across high-flying networks. Its specialized products, including cockpit voice recorders (known throughout the sector as black boxes) and flight data management systems, collect critical information during flights to serve both routine aviation business needs and vital safety investigations. These systems ensure compliance with stringent regulatory standards worldwide, which positions Black Box Ltd. as an indispensable partner within the aviation ecosystem.

The company's revenue model is a testament to its strategic insight into aviation needs and industry cycles. Black Box Ltd. leverages its core technological offerings through sales and longstanding service contracts, ensuring steady cash flows. Additionally, the firm generates revenue through aftermarket services—offering maintenance, support, and updates to ensure its systems operate smoothly over the life of the aircraft. These service contracts not only enhance customer relationships but also create recurring revenue streams that buffer the company against the volatility often experienced in hardware sales. By embedding itself deeply into the operational fabric of its clients, Black Box Ltd. continues to demonstrate resilience and establish its role as a pivotal service provider in global aerospace operations.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Nov 13, 2025
AI Summary
Q2 2026

Revenue Growth: Q2 FY26 revenue reached INR 1,585 crores, up 14% quarter-on-quarter and 6% year-on-year, reflecting strong execution momentum.

Profitability: Q2 EBITDA came in at INR 143 crores, growing 23% QoQ and 4% YoY, with margins improving to 9%. PAT grew 17% QoQ and 9% YoY to INR 56 crores.

Guidance Maintained: Management reaffirmed full-year guidance, expecting H2 FY26 to be stronger than H1 and projecting 10–15% sequential organic revenue growth in H2.

Order Book Strength: Order backlog rose to $555 million at Q2 end (from $518 million in Q1), with robust order bookings of $218 million for the quarter. Company remains on track for $1 billion in FY26 bookings.

Strategic Partnership: Black Box announced a global partnership with Wind River, expected to generate INR 1,350 crores (~$30 million annually) over five years, with high-margin opportunities.

Margin Outlook: Margins expected to remain within guided range near-term; medium-term expansion seen as business mix shifts to higher-value segments.

Inorganic Growth: Management targets $700–800 million in acquisitions by FY29, with focus on U.S., Europe, and APAC, and plans to maintain debt/EBITDA below 2x post-acquisition.

Key Financials
Revenue
INR 1,585 crores
Revenue (H1 FY26)
INR 2,971 crores
EBITDA
INR 143 crores
EBITDA Margin
9%
EBITDA (H1 FY26)
INR 259 crores
EBITDA Margin (H1 FY26)
8.7%
Profit After Tax
INR 56 crores
Profit After Tax (H1 FY26)
INR 103 crores
PAT Margin (H1 FY26)
3.5%
Order Backlog
$555 million
Order Bookings (Q2 FY26)
$218 million
Order Bookings (H1 FY26)
$394 million
Wind River Partnership Revenue
INR 1,350 crores (across 5 years; $30 million annually)
EBITDA Margin (Wind River related)
25%–35%
Target Debt/EBITDA post-acquisition
1.5x–2x
Target Tax Rate (FY26)
8%–10%
Other Earnings Calls

Management

Mr. Deepak Kumar Bansal
Global CFO & Executive Director
No Bio Available
Mr. Jagdish Janardan Mhalgi
VP & Head of Customer Support & Services
No Bio Available
Mr. Abhinav Sharma
VP and Sales Head of India & SAARC
No Bio Available
Mr. Sanjeev Kumar Gupta
VP & Head of Finance (India & MEA Business)
No Bio Available
Mr. Prasad R. Subramaniam
VP of Finance & Corporate Controller
No Bio Available
Mr. Suresh Subramaniam
Vice President of South Region
No Bio Available
Mr. Sanjeev Shekhar Verma
President, CEO & Whole Time Director
No Bio Available
Mr. Bikram Sahoo
Chief Technology Officer
No Bio Available
Mr. Aditya Goswami
Company Secretary & Compliance officer
No Bio Available
Mr. Komal Seshagiri
Global Legal Head
No Bio Available

Contacts

Address
HARYANA
Gurgaon
247, Udyog Vihar, Phase IV, Gurgaon
Contacts
+912266617272
www.agcnetworks.com